The above Rules were gazetted on 15 February 2013 and give legal effect to the proposal for extending the incentives for commercialisation of public sector research and development (R & D) findings that was made in the 2013 Budget. The Rules are deemed to have come into operation on 29 September 2012.
Incentive
Rule 3 grants a deduction in ascertaining the adjusted income from a business of a company incorporated under the Companies Act 1965 which is resident in Malaysia, of an amount equal to the value of investment made in a related company for the sole purpose of financing a project on commercialisation of R & D findings in a related company.
Definitions
“Investment” is defined in Rule 2 as “an investment in the form of cash in a related company for which the related company has no obligation to repay, or the holding of paid-up share capital in cash in respect of ordinary shares in a related company”.
The value of investment which is allowed to be deducted is an amount equal to the expenditure incurred by the related company in the basis period for the year of assessment for “the operation of its commercialization activity and asset used for that activity”.
If the investment is in the form of paid-up capital in ordinary shares, the investment must not be disposed of within 5 years from the date of the last investment made.
“Research & development findings” means research and development findings in the non-resource based activity or product listed in the Schedule and wholly owned by a public research institute of higher learning in Malaysia.
“Commercialisation” means process of transforming research and development findings into a product or process that has an industrial application or this is marketable
“Related company” is defined as a company incorporated under Companies Act 1965 where at least 70% of its paid-up ordinary share capital is directly owned by a company that has made an investment in a commercialisation project.
Conditions (Rule 4)
The conditions for claiming a deduction are as follows:
(a) Application for approval for the project must be made to the Malaysian Investment Development Authority (MIDA) on or after 29 September 2012 but not later than 31 December 2017;
(b) The company must be incorporated under the Companies Act 1965;
(c) The project must commence within one year from the date of approval by MIDA.
Cessation of deduction
The deduction for the amount of investment made shall cease in the basis period for the year of assessment in which the tax exemption period of the related company commences (as determined by the Minister of Finance or Minister of International Trade and Industry). (Rule 5)
For other details relating to the above incentive, please refer to the official website of the Attorney-General’s Chambers for the full text of the Rules.
Thursday 28 February 2013
INCENTIVES FOR QUALIFYING PERSONS PARTICIPATING IN QUALIFYING ACTIVITIES IN THE RAPID COMPLEX
In addition to the Customs Duties and Sales Tax
Exemptions given in connection with the RAPID Complex (refer to e-CTIM
No. 179/2012 dated 14 December 2012), the following legislation granting
incentives to qualifying persons engaged in qualifying activities in the RAPID
Complex were recently gazetted. They are
dated 29 January 2013.
|
Gazette
|
Citation
|
Effective date
|
|
P.U.(A) 39/2013
|
From 10 October 2011 till 31 December 2021
|
|
|
P.U.(A) 40/2013
|
From year of assessment (YA) 2011
|
|
|
P.U.(A) 41/2013
|
|
From YA 2011
|
|
P.U.(A) 42/2013
|
From 10 October 2011 till 31 December 2021
|
|
|
P.U.(A) 43/2013
|
|
From YA 2010
|
|
P.U.(A) 44/2013
|
|
From YA 2011
|
Definitions
The following terms are similarly defined as quoted
below in the above Orders /Rules:
|
Terms
|
Definition
|
|
Qualifying activity (QA)
|
Any of the following activity carried out by a
qualifying person in RAPID complex:
(a) blending, processing or cracking of crude,
condensates, feedstock or intermediate feedstock;
(b) production, manufacturing or product
development of petroleum , petrochemical, chemicals, intermediate, final
products or its related by-products;
(c) storing, formulating, blending
distributing or marketing of petroleum, petrochemical, chemicals,
intermediate, final products or its related by-products;
(d) re-gasification of LNG to gas and relevant
distribution; or
(e) generation, distribution or sales of all
forms of utilities including but not limited to electricity, water, steam,
gases, hydrogen, air or waste treatment;
|
|
RAPID complex
|
A complex which consists of liquid cracker plants,
refinery plants, petrochemical or chemical production plants and all support
and auxiliary facilities including but not limited to liquid natural gas
(LNG), Receiving and Re-gasification Terminal (RGT), COGEN power plant,
storage facilities or waste disposal facilities and located in Pengerang,
Johor;
“RAPID” is an abbreviation for Refinery and
Petrochemical Integrated Development.
|
|
Qualifying person (QP)
|
Means –
(a) Petroliam Nasional Berhad
(b) any other company incorporated under the
Companies Act 1965 [Act 125] where Petroliam Nasional Berhad holds at
least 51 percent paid up capital in respect of ordinary shares; or
(c) any other company incorporated under the
Companies Act 1965 which carries out qualifying activity within the RAPID
complex where Petroliam Nasional Berhad holds, either directly or indirectly,
ordinary shares in that company.
|
Incentives
The following are the incentives granted under the
respective Order /Rule:
|
Legislation
|
Incentives
|
|
P.U.(A)
39/2013
|
Income tax exemption for a non-resident person on
payments received from a QP in relation to a QA in respect of:
(a) payments
falling under section 4A of the Income Tax Act 1967 (ITA)
(b) interest
(c) royalty
(d) contract
payment under section 107A of the Act; and
(e) other
gains or profit falling under subsection 4(f) of the ITA.
|
|
P.U.(A)
40/2013
|
Income tax exemption for a QP who is resident in
Malaysia, on statutory income from a QA in an amount equal to 100% of
qualifying capital expenditure (QCE) incurred in the basis period for a YA,
for 10 consecutive YA (subject to conditions– see Note 1).
Application must be submitted to the Malaysian
Investment Development Authority (MIDA) on or after 10 October 2011.
“QCE” is defined as:
(a) the provision of any plant and machinery
(P&M) and construction of a factory used in Malaysia in connection with and for the
purpose of the QA; or
(b) the provision of any P&M and
construction of a building used in Malaysia in connection with and for the
purposes of the QA relating to in-house research;
with
specified exclusion (see Note 2).
|
|
P.U.(A)
41/2013
|
Income tax exemption for a QP who is resident in
Malaysia on statutory income from a QA in RAPID Complex for a period of 15
consecutive YA, commencing from the first YA for which the QP derives
statutory income from the QA.
Application must be made to MIDA on or after 10
October 2011.
|
|
P.U.(A)
42/2013
|
Stamp duty exemption on all instruments chargeable
with ad valorem duty executed by a
QP in relation to a QA carried on In RAPID Complex on or after 10 October
2011 but not later than 31 December 2021.
An (approval) letter giving approval for the QP to
carry out QA in RAPID Complex must be obtained from the Minister of Finance.
|
|
P.U.(A) 43./2013
|
Deduction allowed in arriving at adjusted income of
a QP from a QA for expenses incurred by that person prior to the commencement
of that QA. The expenses must be incurred
within 4 years prior to the date of commencement of the QA, which must not be
earlier than 1 October 2010.
The types of expenses allowed to be deducted are
listed in the Schedule to sub-rule 3(2).
|
|
P.U.(A)
44/2013
|
Income tax exemption for a QP who is resident in
Malaysia, on statutory income from a qualifying project in an amount equal to
100% of QCE incurred in the basis period for a YA, for 5 consecutive YA
(subject to conditions relating to commencement of the exempt years – see
note 3).
QCE is defined in the same way as in Income Tax
(Exemption) (No. 6) Order 2013 [P.U. (A) 40/2013].
“Qualifying project” is defined as “a project
undertaken by a QP in expanding, modernizing, automating or in diversifying
its existing QA which is exempted under the Income Tax (Exemption) (No. 6)
Order 2013 [P.U.(A) 40/2013] within the same industry and carried out by the
QP in RAPID Complex for RAPID.
The QP must make an application in respect of the
qualifying project to MIDA within 90 days before the expiry of the exemption
period under Income Tax (Exemption) (No. 6) Order 2013 [P.U. (A) 40/2013].
|
|
Notes:
|
1. Refer to paragraph 4 (3) of Income Tax
(Exemption) (No. 6) Order 2013 for conditions relating to commencement of the
“exempt years of assessment”.
2. Refer to definition of QCE in paragraph
2(1) of Income Tax (Exemption) (No. 6) Order 2013 for details.
3. Refer to subparagraphs 4(3) and (4) of
Income Tax (Exemption) (No. 8) Order 2013 for conditions relating to
commencement of the exempt years.
|
Please refer to the full text of the above Orders/ Rule at the official
website of Attorney-General’s
Chambers for full details of the respective incentives.
Wednesday 27 February 2013
MIDA GUIDELINES FOR APPLICATION FOR STATUS OF AND INCENTIVE FOR SETTING UP A TREASURY MANAGEMENT CENTRE (TMC)
Further to our e-CTIM No.124/2012, the above guideline has been recently issued by MIDA. The following are some salient points found in the guidelines:
TMC defined (Para 1)
A TMC is defined as a locally incorporated company that provides centralized treasury management services for its group of related companies within or outside the country.
Eligibility criteria (Para 2)
The following are the criteria for qualifying as an approved TMC: -
· A company incorporated under the Companies Act 1965;
· Minimum paid-up capital of RM0.5 million;
· Minimum total operating expenditure (excluding interest expenditure related to funding activities of the TMC and depreciation) of RM1.5 million incurred domestically per year of assessment.
· At least 3 senior professionals appointed to work under the TMC;
· Providing qualifying treasury services to at least 3 related companies outside Malaysia.
Qualifying activities (Para 3)
3 broad categories are listed under paragraph 3:
i. Cash, financing and debt management: - this includes
· Cash pooling arrangement;
· Providing financing sourced from surplus funds to a related company in Malaysia or overseas;
· Arranging for competitive financing from various sources of funds;
· Providing or arranging for financial and non-financial guarantee for its group of companies;
· Current account management (account payables and receivables; intercompany offsetting arrangement).
ii. Investment services (investing funds within the group in domestic money market or foreign currency assets);
iii. Financial risk management (hedging various risks including exchange rate risks, interest rate risk and commodity price risk).
(Please refer to the guidelines for full details.)
Incentives (Para 4)
The incentives granted to an approved TMC are:
i. Exemption of 70% of statutory income arising from treasury services rendered by the TMC to its offices or related companies for a period of 5 years, in respect of the following types of income:
· All fees/ management income from providing qualifying services to related companies in Malaysia and overseas;
· Interest income /finance income from lending to related companies in Malaysia and overseas;
· Interest /finance income and gains from placement of funds (onshore banks), or short term investments (onshore and offshore);
· Realized foreign exchange revenue /gains from managing risks for the group (risks relating to exchange rate, interest rate, benchmark rate and commodity prices, market risk, credit /counterparty risk, and liquidity risk);
· Premium /discount /gains pursuant to subscription of bonds /sukuk issued by related companies and financial institutions; and
· Guarantee fees
ii. Exemption from withholding tax on interest payments /profits on borrowings by the TMC provided the borrowed funds are used for conducting qualifying activities;
iii. Full exemption from stamp duty on all loan /financing agreements and service agreements executed by a TMC in Malaysia related to the conduct of qualifying activities;
iv. Expatriates working in a TMC are taxed only on the portion of chargeable income attributable to the number of days spent in Malaysia;
v. Foreign Exchange Administration flexibilities;
vi. No local equity conditions.
Income from qualifying services provided directly by a TMC to its related companies in Malaysia during the tax exempt period is exempt from tax provided such income does not exceed 20% of the income of the TMC from qualifying services.
Expatriate posts:
Expatriate posts for a TMC will be approved based on the requirements of the TMC.
Application procedure:
3 sets of the application should be submitted to:
Chief Executive Officer
Malaysian Investment Development Authority
Logistics and Regional Operations Division
MIDA Stesen Sentral 5
Kuala Lumpur Sentral
50470 Kuala Lumpur
Other matters referred to in the guidelines are:
TMC defined (Para 1)
A TMC is defined as a locally incorporated company that provides centralized treasury management services for its group of related companies within or outside the country.
The following are the criteria for qualifying as an approved TMC: -
· A company incorporated under the Companies Act 1965;
· Minimum paid-up capital of RM0.5 million;
· Minimum total operating expenditure (excluding interest expenditure related to funding activities of the TMC and depreciation) of RM1.5 million incurred domestically per year of assessment.
· At least 3 senior professionals appointed to work under the TMC;
· Providing qualifying treasury services to at least 3 related companies outside Malaysia.
3 broad categories are listed under paragraph 3:
i. Cash, financing and debt management: - this includes
· Cash pooling arrangement;
· Providing financing sourced from surplus funds to a related company in Malaysia or overseas;
· Arranging for competitive financing from various sources of funds;
· Providing or arranging for financial and non-financial guarantee for its group of companies;
· Current account management (account payables and receivables; intercompany offsetting arrangement).
ii. Investment services (investing funds within the group in domestic money market or foreign currency assets);
iii. Financial risk management (hedging various risks including exchange rate risks, interest rate risk and commodity price risk).
(Please refer to the guidelines for full details.)
The incentives granted to an approved TMC are:
i. Exemption of 70% of statutory income arising from treasury services rendered by the TMC to its offices or related companies for a period of 5 years, in respect of the following types of income:
· All fees/ management income from providing qualifying services to related companies in Malaysia and overseas;
· Interest income /finance income from lending to related companies in Malaysia and overseas;
· Interest /finance income and gains from placement of funds (onshore banks), or short term investments (onshore and offshore);
· Realized foreign exchange revenue /gains from managing risks for the group (risks relating to exchange rate, interest rate, benchmark rate and commodity prices, market risk, credit /counterparty risk, and liquidity risk);
· Premium /discount /gains pursuant to subscription of bonds /sukuk issued by related companies and financial institutions; and
· Guarantee fees
ii. Exemption from withholding tax on interest payments /profits on borrowings by the TMC provided the borrowed funds are used for conducting qualifying activities;
iii. Full exemption from stamp duty on all loan /financing agreements and service agreements executed by a TMC in Malaysia related to the conduct of qualifying activities;
iv. Expatriates working in a TMC are taxed only on the portion of chargeable income attributable to the number of days spent in Malaysia;
v. Foreign Exchange Administration flexibilities;
vi. No local equity conditions.
Income from qualifying services provided directly by a TMC to its related companies in Malaysia during the tax exempt period is exempt from tax provided such income does not exceed 20% of the income of the TMC from qualifying services.
Expatriate posts for a TMC will be approved based on the requirements of the TMC.
Application procedure:
3 sets of the application should be submitted to:
Chief Executive Officer
Malaysian Investment Development Authority
Logistics and Regional Operations Division
MIDA Stesen Sentral 5
Kuala Lumpur Sentral
50470 Kuala Lumpur
- List of documents to be submitted with the application;
- For projects in Sabah and Sarawak, 3 copies of the application form are also to be submitted to the MIDA offices in those states (addresses given).
Tuesday 26 February 2013
IRB’s ANSWERS TO QUESTIONS ON 2013 BUDGET PROPOSALS
Please note that the Inland Revenue Board of Malaysia has recently published the reply to some questions asked at the National Tax Seminar 2012, on issues arising from proposals made in the 2013 Budget. The answers relate to the following topics:
- Limited Liability Partnership (LLP);
- Special deduction for expenditure on Treasury Shares;
- Business Trusts;
- New section 4B on interest income;
- Schedule 3 of the Income Tax Act 1967 (new paragraph 61A relating to Assets Held For Sale);
- Real Property Gains Tax Act 1976, paragraph 2, Schedule 4 exemption;
- Accelerated capital allowance for security control and surveillance equipment;
- Reduction of time bar for raising assessments or additional assessment to 5 years (from 6);
- “Angel investors”
- Incentive for small Malaysian service providers to merge into larger entities;
- Appeal to Special Commissioners of Income Tax for amounts not liable to be paid under sections 109, 109B OR 109F of the Income Tax Act 1967.
- Incentives for preschool education;
- Incentive to acquire a foreign company;
- Global Incentive For Trading (GIFT);
- Incentive (Investment Tax Allowance) for qualified companies engaged in refinery activities.
Anti-dumping Duties
It was published in the Ministry of International Trade and Industry (MITI)’s media release dated 25 June 2012, that the Government of Malaysia has received a petition from the domestic steel wire rods producing-industry requesting for the imposition of anti-dumping duty on imports of steel wire rods. The Government conducted a detailed investigation on the cooperating importers in Malaysia and foreign producers in Chinese Taipei, the People's Republic of China, the Republic of Indonesia, the Republic of Korea and the Republic of Turkey and has now completed the investigation.
The scope of products under investigation covers steel wire rods with carbon content below 0.6% which are classifiable within the Malaysian Harmonised System Code (H.S. Code) 7213 (H.S. 7213.10.000, H.S. 7213.20.000, H.S. 7213.91.000 and H.S. 7213.99.000), and the ASEAN Harmonized Tariff Nomenclature (AHTN) 7213.10.0000, 7213.20.0000, 7213.91.2000, 7213.91.9000, 7213.99.1000, 7213.99.2000 and 7213.99.9000.
Customs (Anti-Dumping Duties) Order 2013 [P.U. (A) 53/2013]
The Order shall have effect for the period from 20 February 2013 to 19 February 2018. The salient points to note are as follows:-
Anti-dumping duties
Anti-dumping duties shall be levied on and paid by the importers in respect of the goods specified in columns (2) and (3) of the Schedule exported from the countries specified in column (4) into Malaysia by the exporters or producers specified in column (5) at the rates specified in column (6).
Effect on import duties and sales tax
The imposition of anti-dumping duties shall be without prejudice to the imposition and collection of –
(a) Import duties under the Customs Act 1967; and
(b) Sales tax under the Sales Tax Act 1972 [Act 64].
The legislation can be viewed from the Attorney-General’s Chambers website.
The scope of products under investigation covers steel wire rods with carbon content below 0.6% which are classifiable within the Malaysian Harmonised System Code (H.S. Code) 7213 (H.S. 7213.10.000, H.S. 7213.20.000, H.S. 7213.91.000 and H.S. 7213.99.000), and the ASEAN Harmonized Tariff Nomenclature (AHTN) 7213.10.0000, 7213.20.0000, 7213.91.2000, 7213.91.9000, 7213.99.1000, 7213.99.2000 and 7213.99.9000.
Customs (Anti-Dumping Duties) Order 2013 [P.U. (A) 53/2013]
The Order shall have effect for the period from 20 February 2013 to 19 February 2018. The salient points to note are as follows:-
Anti-dumping duties
Anti-dumping duties shall be levied on and paid by the importers in respect of the goods specified in columns (2) and (3) of the Schedule exported from the countries specified in column (4) into Malaysia by the exporters or producers specified in column (5) at the rates specified in column (6).
Effect on import duties and sales tax
The imposition of anti-dumping duties shall be without prejudice to the imposition and collection of –
(a) Import duties under the Customs Act 1967; and
(b) Sales tax under the Sales Tax Act 1972 [Act 64].
The legislation can be viewed from the Attorney-General’s Chambers website.
Saturday 23 February 2013
PUBLIC RULING NO. 1/2013 – DEDUCTIONS FOR PROMOTION OF EXPORTS
Further to our e-CTIM
21/2013 (e-CTIM TECH 17/2013) dated 8 February 2013, this e-CTIM highlights
the salient points to note on the Public Ruling.
Qualifying company and qualifying product/activity (paragraph 3)
The conditions that
qualify a company to claim a deduction for promotion of exports are:
- The
company must be resident in Malaysia and involved in manufacturing,
trading and agricultural activities for the basis year for a year of
assessment (paragraph 3.1);
- Expenses
incurred are primarily and principally for the purpose of seeking opportunities,
or creating/ increasing demand for the export of goods or agricultural
produce manufactured, produced, assembled, processed, packed and graded or
sorted in Malaysia (paragraph 3.2), and incurred on or after 1 January
1986 (paragraph 3.3).
Types of deduction (paragraphs 5 and 6)
The types of
deduction available are: (paragraph 5)
- Single
deduction;
- Further
deduction;
- Double
deduction.
The following is a summary of the types of deduction
available with legislative authority:
|
Type of Expenses
(Dealt with in Paragraph of
this PR)
|
Legislation
|
Deduction available
|
|
Paragraph 6.2.1
(a) Publicity
& advertisements outside Malaysia
(b) Provision
of samples
(c) Research
on export market
(d) Preparation
of tenders
(e) Expenses on representative
negotiating/concluding contracts for sale of goods*
(f) Travelling,
accommodation and sustenance expenses for the participation trade fair
/exhibitions* #
(g) Provision
of exhibits for the participation in approved trade fair or trade /industrial
exhibitions #
(h) Direct
expenses incurred for the participation in approved trade fair or trade
/industrial exhibitions [other than those in (e), (f) & (g)]#
(i) Provision
of technical information
(j) Public relations work
(k) Maintaining sales office*
|
Section 41, Promotion of
Investments Act 1986 (PIA), Schedule to PIA, Income Tax (Promotion of
Exports) Rules 1986. (ITR 1986)
|
Further deduction
|
|
(l) Professional fees on
packaging design.
|
Income Tax (Promotion of
Exports) (Amendment) Rules 2001 [P.U.(A) 170/2001]
|
Further deduction
|
|
Paragraph 6.2.2
(a) Participation in trade portal
(b) Participation in virtual trade show
(c) Maintain warehouses overseas
|
Income Tax (Promotion of
Exports) Rules 2002 [P.U.(A) 115/2002]
|
Further deduction
|
|
Paragraph 6.1.2.
Provision of hotel
accommodation and sustenance to bring in potential importers to Malaysia, as
a follow-up to the trade or investment missions organized by Government
agencies or industrial/trade associations as verified by MATRADE.*
|
Income Tax (Promotion of
Exports) Rules (No. 3) 2002 [P.U.(A) 117/2002]
|
Single deduction
with restriction
|
|
Paragraph 6.3.1.
Expenses directly incurred for
the registration of patents, trademarks or product licensing overseas,
including stamp duty, legal fees and consultancy fees.
|
Income Tax (Promotion of
Exports) Rules 2007 [P.U.(A) 14/2007]
|
Double deduction
|
|
* Restrictions:
(i) Return
air fare (economy class) for a representative of the company [or employees in
the case of Paragraph 6.2.1(k) above].
(ii) Ground transportation
(overseas)
(iii) Hotel accommodation
(maximum of RM300/day) and
(iv) Sustenance (maximum of
RM150/day).
# Participation in trade fair or trade/industrial exhibition has
to be approved by MATRADE
|
||
Restrictions on deductions (paragraph 7)
No deductions are
allowed for the following:
- Expenses
set out in section 39(1) of the ITA;
- Expenses
incurred by a company having a place overseas and subject to tax in that
country.
In addition, the
Director General of Inland Revenue is empowered to disallow any amount of
expenses which, in his opinion, is in excess of what would reasonably be
expected to be incurred in the ordinary course of business.
Claims procedure (paragraph 8)
The forms to be
completed are as follows:
(a) LHDN/BT/DD/POE/2003: Further deduction for promotion of exports
(b) LHDN/BT/DD/POE/PD/2003 – 1:
Further deduction for professional fees on packaging design;
(c) LHDN/BT/SD/POE/2003: Single
deduction for promotion of export.
Other matters
Other matters dealt
with in the PR are:
- Expenses
incurred during an overlapping period (paragraph 4);
- Special
provisions applicable to a pioneer company/ company exempt under Income
Tax Exemption Order (paragraph 6.5).
Friday 22 February 2013
Limited Liability Partnership (LLP) and Related Matters
Further to our e-CTIM No.146/2012, dated 4 October 2012, please be informed that the Companies Commission of Malaysia (CCM) has recently set up a MyLLP Portal and has issued the following:-
(i) General Guidelines for Registration of Limited Liability Partnership and Related Matters;
(ii) Frequently Asked Question (FAQ) on LLP; and
(iii) Relevant LLP Forms as follows:
In addition, the Inland Revenue Board (IRB) has also issued an FAQ on Issues Raised during the 2012 National Tax Seminar which provides clarification on some of the taxation issues relating to LLP. The FAQ can be viewed at the IRB website.
(i) General Guidelines for Registration of Limited Liability Partnership and Related Matters;
(ii) Frequently Asked Question (FAQ) on LLP; and
(iii) Relevant LLP Forms as follows:
- 1. Application For Reservation Of Name (Form 1);
- 2. Application For Registration Of New LLP (Form 2);
- 3. Application For Registration Of LLP For Professional Practice (Form 3);
- 4. Application For Registration Of Foreign LLP (Form 4);
- 5. Application For Conversion from Conventional Partnership to LLP (Form 5);
- 6. Application For Conversion from Private Company to LLP (Form 6);
- 7. Application For Change Of Name (Form 7);
- 8. Change Of Address Of Registered Office (Form 8);
- 9. Change Of Address Of Place Of Business (Form 9);
- 10. Change Of Nature Of Business/Principal Activities (Form 10);
- 11. Change Of Particulars Of Partner – Individual (Form 11);
- 12. Change Of Particulars Of Partner – Body Corporate (Form 12);
- 13. Change Of Particulars Of Partner – Government Agency (Form 13); and
- 14. Change Of Particulars Of Compliance Officer (Form 14).
In addition, the Inland Revenue Board (IRB) has also issued an FAQ on Issues Raised during the 2012 National Tax Seminar which provides clarification on some of the taxation issues relating to LLP. The FAQ can be viewed at the IRB website.
Stamp Duty (Exemption) (No.4) Order 2013 [P.U. (A) 52/2013]
The Order exempts an instrument relating to the sale and purchase of retail debenture and retail sukuk as approved by the Securities Comission under the Capital Markets and Services Act 2007 [Act 671] and executed, by a retail investor, who is an individual, on or after 1 October 2012 but not later than 31 December 2015 from stamp duty.
A “retail debenture” has the same meaning assigned to the definition of “debenture” in the Capital Markets and Services Act 2007; and a “retail rukuk” has the same meaning as provided in the guidelines relating to sukuk issued by the Securities Comission under the Capital Markets and Services Act 2007. It includes any debenture/sukuk that is proposed to be issued or offered to a retail investor and includes a debenture/sukuk where an invitation to subscribe or purchase of the debenture is proposed to be issued to the retail investor.
A “retail investor” shall be any person other than:-
(a) the Central Bank of Malaysia established under the Central Bank of Malaysia Act 2009 [Act701];
(b) a person to whom an excluded offer or excluded invitation is made as specified in Part A of Schedule 6 to the Capital Markets and Services Act 2007; and
(c) a person to whom an excluded issue is made as specified in Part A of Schedule 7 to the Capital Markets and Services Act 2007.
The legislation can be viewed from the Attorney-General’s Chambers website.
A “retail debenture” has the same meaning assigned to the definition of “debenture” in the Capital Markets and Services Act 2007; and a “retail rukuk” has the same meaning as provided in the guidelines relating to sukuk issued by the Securities Comission under the Capital Markets and Services Act 2007. It includes any debenture/sukuk that is proposed to be issued or offered to a retail investor and includes a debenture/sukuk where an invitation to subscribe or purchase of the debenture is proposed to be issued to the retail investor.
A “retail investor” shall be any person other than:-
(a) the Central Bank of Malaysia established under the Central Bank of Malaysia Act 2009 [Act701];
(b) a person to whom an excluded offer or excluded invitation is made as specified in Part A of Schedule 6 to the Capital Markets and Services Act 2007; and
(c) a person to whom an excluded issue is made as specified in Part A of Schedule 7 to the Capital Markets and Services Act 2007.
The legislation can be viewed from the Attorney-General’s Chambers website.
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